BOE VARITRONIX(710.HK):1H23 FIRST TAKE:EARNINGS MISS ON LOWER MARGIN; EXPECT ORDER RAMP AND IMPROVING UTR IN 2H23E
BOE VARITRONIX(710.HK):1H23 FIRST TAKE:EARNINGS MISS ON LOWER MARGIN; EXPECT ORDER RAMP AND IMPROVING UTR IN 2H23E
BOEVx's revenue climbed 7.9% YoY driven by both conventional and NEV customer expansion and order ramp-up, and strong NEV demand in China/US. However, net profit declined 19% YoY, which is 36%/33% below our/consensus estimates mainly due to EBITDA decline on price adjustment and rising costs on Chengdu plant capacity expansion. The company will host earnings call tomorrow at 10am and we believe market will focus on auto market demand outlook and pricing trend, Chengdu plant profitability and overseas market customer expansion. In 2H23E, we expect strong new orders and Chengdu UTR ramp-up will drive margin recovery. In longer term, overseas share gain and high-end product launches will continue to drive ASP/ NPM expansion. After recent correction, the stock trades at 9.6x/7.5x FY23/24E.Maintain BUY and our TP/estimates are under review.
BoeVX的收入同比增長7.9％，這得益於傳統和新能源汽車客戶擴張和訂單增加，以及中國/美國新能源汽車需求強勁。然而，淨利潤同比下降19％，比我們的共識預期低36％/33％，這主要是由於價格調整導致息稅折舊攤銷前利潤下降以及成都工廠產能擴張的成本上漲。該公司將於明天上午10點舉行業績電話會議，我們認爲市場將關注汽車市場需求前景和定價趨勢、成都工廠盈利能力和海外市場客戶擴張。在 2H23E 中，我們預計強勁的新訂單和成都UTR的增長將推動利潤率的回升。從長遠來看，海外份額增長和高端產品發佈將繼續推動ASP/NPM的擴張。在最近的修正之後，該股的交易價格爲23/24財年的9.6倍/7.5倍。維持買入，我們的目標/估計值正在審查中。
1H23 results miss with lower margin offsetting strong China demand.Revenue grew 7.9% YoY, 12%/13% below our/consensus estimates, mainly driven by TFT and touch panel display modules sales in China & US. By segment: 1) auto display (89% sales mix) grew 7% YoY thanks to both conventional and NEV customer expansion, strong demand in NEV from China and order production ramp-up while Europe/Korea/US sales remain flattish; 2) industrial display (11% of total sales) grew 14% YoY driven by higher demand for consumer electronic appliance products. EBITDA declined 10% YoY due to price adjustment and rising costs for capacity expansion at Chengdu plant. 1H23 net profit declined 19% YoY, below our /consensus estimates by 36%/33% mainly due to EBITDA margin decline.
23年上半年業績不佳，利潤率下降抵消了強勁的中國需求。收入同比增長7.9％，比我們的共識預期低12％/13％，這主要是受中國和美國TFT和觸摸屏顯示模組銷售的推動。按細分市場劃分：1）汽車顯示器（銷售組合89％）同比增長7％，這要歸功於傳統和新能源汽車客戶的擴張、中國對新能源汽車的強勁需求以及訂單產量的增加，而歐洲/韓國/美國的銷量仍然持平；2）工業顯示器（佔總銷售額的11％）同比增長14％，這得益於對消費類電子電器產品的需求增加。由於價格調整和成都工廠產能擴張成本上漲，息稅折舊攤銷前利潤同比下降10％。上半年淨利潤同比下降19％，低於我們的共識預期36％/33％，這主要是由於息稅折舊攤銷前利潤率下降。
Key questions for mgmt. at investor meeting. BOEVx will host earnings call tomorrow at 10am and the key focus include: 1) auto market competition on ASP pressure and demand outlook in 2H23E; 2) Chengdu plant capacity ramp-up pace and profitability outlook; 3) overseas market expansion pace and order wins; 4) EBITDA/net profit margin outlook; 5) business future roadmap and any change or new guidance for FY24-25E.
在投資者會議上，mgmt. 要問的關鍵問題。BoeVX將於明天上午10點舉行業績電話會議，重點包括：1）汽車市場競爭對ASP壓力和 2H23E 需求前景；2）成都工廠產能增長步伐和盈利前景；3）海外市場擴張步伐和訂單獲得；4）息稅折舊攤銷前利潤率/淨利潤率展望；5）業務未來路線圖以及 FY24-25E 的任何變化或新指引。
Our TP/estimates are under review. We believe 1H23 margin pressure has been partially priced in, and order wins and Chengdu plant ramp-up will boost margin recovery in 2H23E. In long term, we think BOEVx will benefit from auto display upgrade and overseas expansion given auto intelligence and smart cockpit trend. Trading at 9.6x/7.5x FY23/24E, we think the stock is still attractive.Reiterate BUY and our TP/estimates are under review.
我們的目標/估算值正在審查中。我們認爲，23年上半年的利潤壓力已被部分抵消，訂單的獲得和成都工廠的擴張將提振 2H23E 中利潤率的回升。從長遠來看，鑑於汽車智能和智能駕駛艙的趨勢，我們認爲BoeVX將受益於汽車顯示屏升級和海外擴張。我們認爲該股的交易價格爲23/24財年的9.6倍/7.5倍，我們認爲該股仍然具有吸引力。重申買入，我們的目標/估計值正在審查中。
譯文內容由第三人軟體翻譯。